- Achieves medium-term target, with industrial base rent now comprising 90% of the annualized portfolio base rent
- Introduces refreshed brand identity to underscore strategic evolution
MONTREAL, Oct. 1, 2025 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today announced that it has completed the sale of 12 non-core retail properties totalling approximately 277,000 square feet of gross leasable area ("GLA") for total gross proceeds of $51.3 million, or $185 per square foot, excluding closing costs.
The completed sales include nine properties* previously announced sold for $39.8 million, along with three additional properties that closed for $11.5 million, for a total of $51.3 million (excluding closing costs).
"Achieving our medium-term target of 90% industrial base rent marks an important achievement for PROREIT in its evolution from a diversified REIT to a pure-play light industrial REIT, a process that began in 2023," said Gordon G. Lawlor, President and Chief Executive Officer of PROREIT. "This accomplishment was made possible by the discipline, execution and dedication of our highly skilled and committed team. Looking ahead, we will remain focused on strengthening our position as a prominent Canadian light industrial REIT and on delivering long-term, sustainable value for our stakeholders."
Transaction Details
| Disposal Date |
Sector |
Ownership |
Previously |
Address |
GLA (sq.ft.) |
| Septembres 15 |
Retail |
100 % |
Yes |
2480-2485 King-George Highway, Miramichi, NB |
95,437* |
| September 15 |
Retail |
100 % |
Yes |
87 Warwick Street, Digby, NS |
61,330 |
| September 15 |
Retail |
100 % |
Yes |
50 Plaza Boulevard, Moncton, NB |
25,476 |
| September 15 |
Retail |
100 % |
Yes |
2 Lawrence Street, Amherst, NS |
20,612 |
| September 15 |
Retail |
100 % |
Yes |
135 Main Street, Moncton, NB |
10,574 |
| September 15 |
Retail |
100 % |
Yes |
125 Main Street, Moncton, NB |
7,344 |
| September 26 |
Retail |
100 % |
No |
3500 Principale Street, Tracadie-Sheila, NB |
31,018 |
| September 26 |
Retail |
100 % |
No |
3528 Principale Street, Tracadie-Sheila, NB |
19,340 |
| September 29 |
Retail |
50 % |
No |
16 Garland Avenue, Dartmouth, NS |
5,444 |
| |
|
|
|
|
276,575 |
* In PROREIT's August 13, 2025 press release, the 2480–2485 King-George Highway properties were collectively disclosed as one property within a six-property retail portfolio in Atlantic Canada under binding agreement. In this press release, these properties are reported as four separate properties in relation to the total property count of the portfolio.
Approximately $27.0 million of the net proceeds from the sales were used to repay related mortgages, approximately $13.0 million was allocated to partially repay amounts drawn under the REIT's revolving credit facility, and the remaining balance will be used for general business purposes.
Portfolio Impact
Following these dispositions, PROREIT owns 106 investment properties (including a 50% ownership interest in 40 investment properties), representing approximately 6.4 million square feet of GLA.
The industrial segment now accounts for 92% of GLA and 90% of annualized base rent, while Atlantic Canada represents 45% of annualized base rent.
Refreshed Brand Identity
To reflect its strategic evolution, PROREIT has unveiled a refreshed brand identity, including an updated logo and new tagline: "Strong Foundations, Industrial Edge." This brand refresh highlights PROREIT's successful transition, initiated in 2023, from a diversified REIT to a pure-play light industrial REIT.
About PROREIT
Founded in 2013, PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust focused on owning and operating a portfolio of high-quality light industrial properties in Canada. With a presence in robust primary and secondary markets, PROREIT is committed to delivering stable cash flows, disciplined growth and long-term value creation for its unitholders.
For more information on PROREIT, please visit the website at: https://proreit.com.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three and six month periods ended June 30, 2025, which are available under PROREIT's profile on SEDAR+ at www.sedarplus.ca.
SOURCE PROREIT
For further information: Investor Relations: PRO Real Estate Investment Trust, Gordon G. Lawlor, CPA, President and Chief Executive Officer, 514-933-9552; PRO Real Estate Investment Trust, Alison Schafer, CPA, Chief Financial Officer and Secretary, 514-933-9552
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